Pakistan’s inclusion in MSCU emerging market list historic: Dar

ISLAMABAD: Federal Minister for Finance Mohammad Ishaq Dar Wednesday termed the inclusion of US based index provider Morgan Stanley Capital International (MSCU) in the list of emerging markets as historical and reflective of the right direction of Pakistan’s economy.

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After achieving economic stability by the government, now the focus would be on economic growth for the prosperity of the country.

“It has been a good partnership with International Monetary Fund (IMF) and by end of this month, the last review with the fund would be held after which there will be no need of another programme with the fund,” he said while addressing participants at an event of Securities and Exchange Commission of Pakistan (SECP) held to mark the inclusion of Pakistan in the list of emerging markets here.

Ishaq Dar said the partner with IMF was excellent and he thanked the fund and its team for helping Pakistan in stabilizing its economy.

He said Pakistan was excluded from the prestigious list of emerging markets in year 2008 and after three years of hectic efforts and prudent policies of the present government, the country has been able to enter the list which is a historic achievement.

He said after three years of efforts the government merged three stock exchanges of Karachi, Lahore and Islamabad into one stock exchange called Pakistan Stock Exchange.

The minister attributed this success to the hard work of the present government through its prudent policies and good governance which resulted into the marked improvements in various economic indicators including the best performance of stock exchanges.

He expressed the hope that inclusion of Pakistan into emerging markets would help attract huge foreign investment in the country and its fruits would trickle down to the masses.

Dar said it would also help achieve the set economic targets of the government and also congratulated the nation on this achievement.

He said, the entire world has been recognizing Pakistan’s economic improvement and its indicators.

He said the foreign exchange would be enhanced to US $ 22 billion in a few weeks by setting a new record. He said, under the vision of Prime Minister Nawaz Sharif, a roadmap has already been formulated and efforts are being made to fully implement it for the benefit of the country and its masses.

Ishaq Dar said the agriculture sector has been given top priority in the budget 2016-17 and added, economy should be separated from politics asking the political parties to get united for a charter of economy.

He said to achieve the tax collection target set for FBR was a difficult task, but during thelast three years the collection had been increased to 60 per cent.

Speaking on the occasion, Muhammad Zubair said, it was historic day for Pakistan and he also congratulated the nation on that achievement.

He said, the government made very difficult and bold decisions in the past three years as a result, the economy has recovered remarkably.

Chairman, Pakistan Stock Exchange, Munir Kamal also appreciated the government for this achievement and attributed it to the prudent policies of the government.

He said, Pakistan would be able to become one of the biggest stock markets in Asia.